Purposes of Accounting
- Created by: JordanVDF
- Created on: 01-08-15 14:09
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Clues
- a statement detailing all of the assets and liabilities of a business. (7, 5)
- accurate accounting records allow owners and managers to monitor what has happened, compare it to forecasts and take corrective action if needed. MONITOR COMPARE FORECAST ACTION (10, 3, 7)
- calculates a business's net profit by deducting the expenses of running the business from gross profit. Net profit = gross profit - expenses (6, 3, 4, 7)
- calculates gross profit make on sales by comparing sales with the cost of sales. (7, 7)
- principally to enable HM Revenue and Customs to collect all amounts due in respect of taxes (1, 5, 11)
- the ability of a business to access sufficient cash resources to pay its short term liabilities (9)
- the value of resources received AND receivable in the course of business (6)
- the value of resources used by the business in acquiring goods and services (11)
- to create cash budgets, projected trading and profit and loss accounts and balance sheets (11)
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